PagesJaunes announced Wednesday that its board would propose as an exceptional pass the dividend for 2011, after registering a decline in its revenues and profit margins last year.
Heavily in debt, the publisher of printed directories and online, the site owner geolocation Mappy, saw its net cash flow to fall by over 20% last year, penalized by including the rising cost of its debt.
The full year 2011, its turnover stood at 1.1 billion euros, in line with market expectations according to Thomson Reuters I / B / E / S, This represents a decrease of 2.1% over the previous year.
Its gross operating margin (GOM) totaled 493.1 million euros, down 4.8%.
The group said it expects for 2011 a decline of about 2% of its turnover and a GOM between 485 and 500 million euros, an objective that was lowered in July to reflect impact on its business of social movements before the summer.
For 2012, the group says aimed to stabilize its revenue after two years of decline, thanks to the growth of its business on the internet which should represent 60% of its total turnover.
It also anticipates a GOM between 470 and 485 million euros.
The Industry Minister, Eric Besson, promised that the potential beneficiaries of social tariffs for electricity consumption of course apply from 1 January even if the measure of automatic access is still not back in force.
While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet the measure was to take effect January 1. This had been announced in the fall of Eric Besson, Minister of Energy. Faced with this bug, it has reiterated on Friday that the device, once it enters into force, will be properly applied "to the gas bills and electricity consumption corresponding to January 1, 2012." In other words retroactively.
This delay, which is expected to continue for several more weeks, is due to the fact that the "last formal consultations" between government and industry should always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of Paris …
These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). Entered into force in 2005 for electricity and gas in 2008, social tariffs were previously allocated upon application to rights-holders (the limit is 7800 euros in annual revenue to about a single person and 11,700 for childless couple, ed), but by lack of information or administrative complexity, many do not demand.
Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.
"The decree is under consideration by the Council of State, he should be able to give its opinion in the coming weeks, when he will have the last formal consultations that are normally involved in early (February editor's note) . The decree will be published in the coming days, "the ministry said.
In connection communication, the President of the Syndicat Intercommunal the outskirts of Paris for the Electricity and Communication Networks (Sipperec) Catherine Peyge said there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, meaning they spend more than 10% of their budget on their energy bills, says she said. "What do public authorities to publish the decree and to end the anomaly whereby a tariff, decided in 2000, implemented in 2005, still can not protect the families who need? Meanwhile the prices of electricity rose by 6% in two years, and the bill could jump by 30% by 2016 ", criticized Ms. Peyge.
Democrats and Republicans are unable to agree on a plan to reduce U.S. debt, which has just reached 15,000 billion. The reasons and consequences of this blockage. The President of the United States Barack Obama
The debt crisis in Europe has almost been forgotten that the U.S. also face their great difficulties on their debt. European stock markets closed sharply lower on Thursday. Paris (-3.4%, below 2900 points), Frankfurt (-3.5%) and London (-2.6%) fell sharply in the wake of Wall Street lost more than 2% at the end of the afternoon. Democrats and Republicans should agree on a plan to save 1,200 billion over ten years to hold their huge debt. But after two months of negotiations, they were still far from an agreement a few hours from the end of negotiations scheduled for Monday evening.
Congress had in effect established a commission to decide on a plan to reduce debt. Composed of twelve members of Congress – six Republicans and six Democrats – the "super-committee" was intended to relieve an abysmal debt that comes to exceed 15,000 billion (you can see it evolve in real time on the www . usdebtclock.org). The six Democrats proposed a plan for 2900 includes 1,300 billion billion tax increase, the six Republicans on the other hand opted for a plan of 2,200 billion euros, with "only" 200 billion of tax increases. Without ever reaching a consensus.
Why the lock?
This blockage occurs less than a year of presidential elections scheduled for November 2012.
The President of the European Central Bank (ECB) Mario Draghi said that the primary purpose of the institution is price stability. He refuses to do more to assist States in the euro area, noting that the "credibility" of the ECB is at stake The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet as President of the European Central Bank.
The President of the European Central Bank (ECB) Mario Draghi Friday defended the independence of the institution subject to strong pressure to intervene financially better deal with the debt crisis, stressing that it was his "credibility" was at stake . "Our credibility implies the success of our monetary policy (consisting of) anchor the inflation outlook in the medium and long term (…) to sustain growth, job creation and financial stability.
The Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Haut-Rhin, Bas-Rhin, the Gold Coast, the Marne and Haute-Marne are willing to experiment with the requirement of 7 hours per week for the RSA Beneficiaries. According to Nicolas Sarkozy, it is their "restore dignity". Nicolas Sarkozy and Roselyne Bachelot visiting Bordeaux November 15, 2011
Solidarity Minister Roselyne Bachelot on Wednesday presented the new contracts for seven hours to eleven recipients of RSA representatives of councils willing to experiment with this device, it was learned from the department. Departments candidates to experiment with these contracts, reserved to the people furthest from the labor market, are the Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Upper Rhine, the Lower Rhine, the Gold Coast, the Marne and Haute-Marne.Tuesday in Bordeaux, President Nicolas Sarkozy said that the contracts were intended to "restore dignity" to the beneficiaries of RSA.
To believe an important elected PASOK in power, Prime Minister George Papandreou resigned after agreement on a transitional government will be concluded in Greece, possibly as early as Sunday evening.
Objectives, duration and the choice of the directing personality similar government must be acquired before the start of the power of the current prime minister, said on national television MP Telemachos Hitiris.
"Just wait for the announcement of the (selection) Prime Minister in the cabinet. Everything must be done in the day, otherwise it will be hell tomorrow," he warned.
The rating agency Moody's scratched on the first "triple A" French, by giving three months to assess its stable outlook, on a background of slower growth, crisis in the euro area and calls for a recapitalization of banks.
A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.
But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.
Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.
Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.
"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."
"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."
GROWTH flu
The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "
Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.
"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.
Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.
According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.
Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."
Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.
"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.
For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."
Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."
Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."
PUZZLE AND EUROPEAN PRESIDENTIAL
Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.
But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.
A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.
François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.
"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.
A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.
Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.
The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May
The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.
European leaders are putting added pressure on banks to force them to recapitalize and enable them to withstand greater losses than expected on the sovereign debt of the most fragile countries in the euro area.
While being held in Paris the meeting of G20 Finance Friday and Saturday, the market hopes to see political leaders overcome their differences to meet a debt crisis that threatens the stability of the euro area and the strength of the European banking system.
"For now, investors give them the benefit of the doubt," said Patrick Moonen, strategist at ING Investment Management, in a note entitled "Good luck to political leaders."
Pending the outcome of the meeting of finance ministers and central bankers of the G20, the surveillance by Fitch notes several banks – including Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank or Societe Generale – show the difficulties faced by banks today.Difficulties that have driven the last weekend the French-Belgian Dexia decommissioning.
In exchange, the banks Friday was the only sector to finish down in Europe (-0.59%).
The President of the Eurogroup Jean-Claude Juncker reiterated Friday that several European banks needed to be recapitalized.
The crucial step remains the European Council of 23 October at which Germany and France will unveil their proposals for overcoming the crisis. Both countries said they already sealed their agreements without specifying its content.
"We have never been so close to a solution (to the debt crisis, Ed). But this is not done," warns David Thebault, head of quantitative trading at Global Equities."There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 and November 3 (G20 Cannes, Ed).I remain cautious. "
The Franco-German proposals will include a bank recapitalization and strengthening the response capacity of the European Financial Stability Fund (EFSF).
SIX MONTHS to recapitalize
In preparation for the European Council, the European Banking Authority (EBA) provides a new set of stress tests of the banking sector.
Stricter than the previous year this time should include a valuation of sovereign debt, particularly that of Greece, at market value, and the EBA should require banks a minimum capital ratio "hard" ("core tier one") of 9% and not only by 7%.
According to European sources, the weakest banks will then have six months to build up their capital.
"The only real justification for recapitalization would be to reassure the markets," said Laurent Quignon, head of economics at BNP Paribas bank.
"But in terms of economic fundamentals, there is no more reason than all the banks are recapitalized today than yesterday."
According to Goldman Sachs, at least 50 out of 91 European banks could fail the new stress tests, indicating a need for 139 billion euros in fresh capital.
The terms of a bank recapitalization on the Old Continent will be the subject of intense negotiations from Monday, said President of the Eurogroup.
"LESS DIVIDENDS, BONUS UNDER"
The French government has already said that the State was ready to help banks, but for now it emphasizes the strengthening of capital by private capital, unlike what was done in 2008 and 2009 under the plan to help French banks after the collapse of Lehman Brothers.
"Banks will have to recapitalize on the basis of their results by distributing less dividends and less bonus," said Friday morning the Minister of Economy Baroin, Europe 1.
"If they can not, they will do in the markets.If markets are not sufficient, they will find partners and, ultimately limit, there will be an opportunity for European coordination. "
"For France, I want to say that I am confident in the ability of our banks to raise their profits and all means at their disposal to strengthen their capital base," added the Prime Minister Francois Fillon, in the afternoon during the parliamentary days of the UMP.
In line with the German position, France has already ruled out recourse to EFSF to recapitalize its banks.
"Policies must resolve the dilemma between the private shareholders of banks that do not want to hear about dilution and the market which requires recapitalization," said Christophe Nijdam, an analyst at AlphaValue.
"The calls for recapitalization by the European authorities can be cons-productive to the extent that they contribute to fuel concern for all banks," warns Laurent Quignon, at BNP Paribas. "What can paradoxically make raising capital more difficult for institutions that need it."
Deutsche Bank, which would need to raise 9 billion euros according to sources, has made it clear that it would avoid any forced recapitalization.
Slovakia is the latest member of the eurozone to vote strengthening of the European financial stability. Part of the coalition threatened not to accept the text. If no vote, there is no "plan B" according Amadeu Altafaj-Tardio, spokesman for the European Commission. Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs.
The last step seems to be the most difficult to cross to Europe. Slovakia is the 17th and last country in Europe to vote on strengthening the European Financial Stability Fund (EFSF), and part of the coalition threatened not to accept the text. Without the approval of Bratislava, the plan can not enter into force in accordance Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs. Interview.
Slovakia Can Europe block?
We hope there will be a positive vote in Bratislava.But if Slovakia did not accept the text, the plan will remain outstanding. And if the vote is negative, the plan falls apart. The EFSF will then remain in its current state but will not have the means to ensure the protection of the euro, as it is supposed to do in its new form.
Ratification does not seem won …
We're not there yet. The Slovak authorities have committed heavily to vote the text. Besides the Prime Minister Iveta Radicova has resigned on the table in case of refusal of the plan by the coalition. Our message was to the Slovak authorities to say that strengthening the EFSF is in their interest. It may be very useful to the country if the crisis in the euro area spreads.
Can you put pressure on Slovakia?
What do you want, the Commission took power in Bratislava? We can not force the country to ratify the plan.This is the responsibility of all political actors. We can not require Member States is in the nature of the European Union. States have decided to vote the text unanimously in 2010 against the advice of the Commission. If we had done by a qualified majority, we would not be here.
This is not the first time that Slovakia played bad students …
We have already had a fantastic story with this government. Parliamentary elections in 2010, Prime Minister of the country – currently in power – has campaigned on his opposition to help countries better off than him. Then, the arrival of Iveta Radicova as Prime Minister, the party decided in June to stop its bilateral loans to Greece in the forefront of support. The decision was taken after the second installment.It is now the sixth …
Part of the coalition claims to be exempt from participating in EFSF (7 billion euros 440 billion in total). Can we modify the agreement to allow Slovakia to vote on the plan?
The agreement was ratified by 16 member states before it, we can not change it for a country. What would the other parliaments have already voted if the text were changed to the Treaty? They could also claim their scpécifiques measures and find that it is unfair to make concessions to one country. Finland has obtained special guarantees with Greece to vote on the text. But these guarantees were part of the bailout.
Air Liquide finds no significant decrease in demand of its customers and believes that the market environment for the group was relatively normal, except for some adjustments in the electronics, said Tuesday its CEO Benoît Potier.
"We do not see a significant drop in consumption by our customers.At this point we can say that the economy remains strong for Air Liquide, "said the boss of the world's largest industrial gases reporters.
He was speaking on the sidelines of the presentation of tests of electric vehicles to hydrogen at the Circuit de Marcoussis (Essonne).
"The environment was relatively normal, so the consumption of our customers large and small ways consistent with what we had until now," said Benoît Potier, whose group has clients in sectors as diverse as Health, refining and steel.
Air Liquide was confirmed in early August target steady growth in net profit in 2011 "in a normal environment."
Asked if he confirmed the group's objectives in 2011, Benoît Potier declined to comment, a few weeks before the publication of revenue for the third quarter scheduled Oct. 26.
The strategic plan "Alma 2015", introduced in December 2010, is an average annual growth of 8% to 10% of sales – compared to 9.2% as reported in the first half of 2011 – and a sustained increase of Net income in the past five years.
The share was down 1.18% to 85.66 euros by 24:50, outperforming the market, down 2.7%.
